taxpayer with foreign financial assets may need to file a Form 1040, even though their income falls below the reporting threshold for the year.įorm 1040 tax returns are generally due on or before April 15 of each year. If a Taxpayer’s income falls below the standard deduction, generally, the Taxpayer does not have to file an income tax return unless a separate filing obligation exists. citizens, permanent residents (i.e., Green Card Holders), and individuals who meet the substantial presence test during the tax year are required to file Form 1040 on an annual basis. So what are the main filings that Taxpayers need to consider? There is a lot of confusion surrounding what forms individuals and businesses must file each year to satisfy their reporting obligations.
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